Can I have two mortgages ?

(6 Posts)
Annabella1977 Sat 30-Jul-16 13:19:26

Decree absolute is a couple of weeks away.
Have a buyer for house but buyer is waiting for her property to sell.
I have seen a property which I want to buy for my daughter and myself. Daughter aged 16yrs.
I can get a mortgage for £128k
The property is £370k
My parents have agreed to lend me the remainder until the house sells and then I will pay them back with the funds from the sale of the house.

There is approx 50k outstanding on the mortgage on the marital home.

Can I still take out another mortgage for the new property even though there is £50k remaining on the existing marital home?
I can manage the payments on the new mortgage and also continue to make payments on my share of the mortgage on the ex marital home.

Or

Can I remove my name from the mortgage on the ex marital home but still keep my name on the deeds so when the house sells I still get my 50% share of the profits?

We are in limbo right now.
Husband is still in the marital home and myself and daughter have moved out.
I am paying my share of the mortgage but cannot continue to live with friends until the house sells.
Moving back in the house is not an option.

Any advice would be greatly appreciated.

Iloveapplepie Sun 31-Jul-16 08:16:24

You would need to seek advice from a mortgage broker. However if you buy another property (I.e be on deeds for two properties) you will need to pay the extra stamp duty associated with a second home).

Lonecatwithkitten Sun 31-Jul-16 08:36:51

Having been through a similar situation you need legal and mortgage advice. Many lenders are much tighter than they used to be. I was required to be off the deeds of the other properties, but no necessarily off the mortgages. Santander were fine with this, NatWest were not and ex-H had to get a new mortgage which held my house purchase up for nearly two months.

Eminybob Sun 31-Jul-16 10:23:38

You should be able to have 2 mortgages as long as the lender deems it affordable for you to pay both.
It would be a second property purchase so you need to get legal advice around that.

Your current lender is unlikely to release you from the mortgage while you are still on the property deeds as that would cause issues should the my needing repossess.

Eminybob Sun 31-Jul-16 10:24:17

*Should they need to repossess

Annabella1977 Sun 31-Jul-16 11:26:04

Thanks all for the responses.

Ideally I would like to be off the mortgage for the marital home but remain on the deeds as we have agreed on a 50/50 split and when the sale goes through I want to ensure that I get my half.

But I appreciate that can be tricky and may cause problems.

I am happy to pay my new mortgage and can manage to pay my half on the existing mortgage as well.
I am aware of the surcharge for the additional tax for having two properties in my name but I understand I can claim that back provided the house sells within 36 months.

Nationwide have offered a mortgage on the proviso that the existing mortgage is cleared when I purchase the new property.

So is it a case of shopping around to find a mortgage broker that is happy for me to pay both mortgages?

If that's the case then I will contact the broker tomorrow.

Thanks for your help

Join the discussion

Join the discussion

Registering is free, easy, and means you can join in the discussion, get discounts, win prizes and lots more.

Register now